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Crude Oil Breaks Out – Bulls Set Sights on $65 as Rally Gains Steam

April 18, 2025 – DailyForex.pk
WTI crude oil prices surged on Thursday, triggering a significant bullish breakout after clearing resistance near $64.05. With this week shortened by the Easter holiday, traders are now eyeing the $65.89 to $69.31 zone as the next upside targets.

At its session high, crude reached $64.72, marking the highest level for the week. If Thursday’s daily close holds above $64.05, it would confirm a weekly breakout, with the day ending near the top third of the trading range — another bullish sign.

📈 Technical Reversal Confirmed After Sharp Correction

This breakout comes on the back of a deep pullback:

WTI crude had dropped $17.25 (-23.8%) from the April 2 high of $72.49 down to last week’s low at $55.23
The market consolidated near the bottom before triggering today’s upward move
The breakout also cleared a key 50% Fibonacci retracement level at $63.86, strengthening the bullish reversal signal

With a higher weekly high and higher low, market structure now favors the bulls for the first time in weeks.

💡 Why Oil Buyers Are Stepping In Now

Several bullish signals are aligning:

Bullish outside day on Wednesday confirmed by Thursday’s follow-through
A weekly breakout structure in progress, signaling renewed upside potential
The price action broke key resistance, suggesting any short-term dip may be seen as a buy-the-dip opportunity

Technical traders will likely view short-term weakness around current levels as a setup for another leg higher.

🎯 Key Upside Price Targets for WTI Crude

Here’s a breakdown of the major bullish target zones:

$65.40 to $65.89 Zone
- Prior support turned resistance
- 20-day moving average at $65.72
- 61.8% Fibonacci retracement at $65.89
$67.08
- Completion of a 100% ABCD bullish pattern
$68.79 to $69.31
- 78.6% Fibonacci retracement at $68.79
- 127.2% extended ABCD pattern target at $69.31

These technical zones represent the next major hurdles for crude bulls and will be closely watched by both institutional and retail traders.

📌 Conclusion: Crude Oil Bulls in Control as Price Eyes Higher Ground

With a confirmed breakout, strong bullish candlestick patterns, and technical targets aligning, the near-term outlook for crude oil is increasingly positive. If momentum holds, WTI could push toward the $67–$69 range in the coming sessions.

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